Key Takeaways
- • The Exploration Company (TEC), a European space start-up founded in 2021, is in advanced funding discussions to raise at least $300 million, targeting a post-money valuation exceeding $2 billion.
- • Brussels' Scaleup Europe Fund—backed by the European Commission and managed by EQT—is positioned as a lead investor in the round, marking one of the fund's inaugural investments.
- • TEC is developing Nyx, a family of reusable space capsules designed to transport cargo and eventually crew to the International Space Station, competing directly with SpaceX's commercial space capabilities.
- • The company, led by CEO Hélène Huby, operates across five European countries (Germany, France, Luxembourg, Spain, Italy) plus the US and UAE, and won initial European Space Agency funding as one of two groups selected to build a commercially credible low Earth orbit service by 2028.
- • TEC's last funding round in 2024 raised approximately $160 million without a disclosed valuation; the current round would represent a significant capital increase and represent European institutional validation of the commercial space sector.
Summary
The Exploration Company, a Berlin-based space technology start-up, is in advanced negotiations to raise at least $300 million in Series C funding that would value the company at more than $2 billion post-investment, according to sources familiar with the transaction. The round is being led by Brussels' Scaleup Europe Fund, an investment vehicle established by the European Commission and managed by Swedish asset manager EQT, marking one of the fund's first major commitments to the European tech ecosystem.
Founded in 2021 under the leadership of CEO Hélène Huby, TEC has emerged as one of Europe's most visible challengers to the dominance of US-based space operators, particularly SpaceX. The company is developing Nyx, its primary spacecraft platform designed to deliver cargo—and eventually human missions—to the International Space Station via reusable capsule technology. TEC is also advancing Storm, a rocket engine program, positioning the company across multiple segments of the commercial space value chain. The company was among only two groups selected by the European Space Agency to receive initial funding for building a commercially viable low Earth orbit service by 2028.
TEC operates through a distributed European footprint spanning Germany, France, Luxembourg, Spain, and Italy, alongside offices in the United States and United Arab Emirates. The company last raised capital in 2024, securing approximately $160 million without publicly disclosing its valuation. The current funding round would represent a material capital increase and institutional validation from European public sector investment, signaling confidence in the commercial viability of European-led space infrastructure.
Sources cautioned that negotiations remain ongoing and that final figures and deal structure could still shift. Neither EQT nor TEC has made public statements regarding the fundraising discussions, and no formal commitments have been announced.
Founded in 2021 under the leadership of CEO Hélène Huby, TEC has emerged as one of Europe's most visible challengers to the dominance of US-based space operators, particularly SpaceX. The company is developing Nyx, its primary spacecraft platform designed to deliver cargo—and eventually human missions—to the International Space Station via reusable capsule technology. TEC is also advancing Storm, a rocket engine program, positioning the company across multiple segments of the commercial space value chain. The company was among only two groups selected by the European Space Agency to receive initial funding for building a commercially viable low Earth orbit service by 2028.
TEC operates through a distributed European footprint spanning Germany, France, Luxembourg, Spain, and Italy, alongside offices in the United States and United Arab Emirates. The company last raised capital in 2024, securing approximately $160 million without publicly disclosing its valuation. The current funding round would represent a material capital increase and institutional validation from European public sector investment, signaling confidence in the commercial viability of European-led space infrastructure.
Sources cautioned that negotiations remain ongoing and that final figures and deal structure could still shift. Neither EQT nor TEC has made public statements regarding the fundraising discussions, and no formal commitments have been announced.
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